EU, G-8 want India to join emergency summit on financial crisis
16 Oct 2008, 2055 Hrs

Add comment          Mail          Print          Write to Editor

Brussels, Oct.16 The European Union and the Group of Eight countries want India to join in an emergency global summit to devise strategies to tackle the global financial crisis and overhaul the world's financial system.

At the EU summit that ended on Thursday in Brussels, France, the current chairperson of the rotating presidency of the 27-nation bloc, and the UK pushed for participation of emerging economic powers like India and China in the global finance summit expected to be held in New York sometime next month.

A joint statement released by the White House said the leaders of the Group of Eight-- the US, Japan, Germany, France, Britain, Italy, Canada and Russia would meet "at an appropriate time in the near future."

The statement indicated that the G-8 nations would include other major nations in the discussions, which are to be aimed at drafting "an agenda for reforms to meet the challenges of the 21st century."

British Premier Gordon Brown said the meeting devoted to a complete overhaul of the financial system could be held as early as November.

He said the discussions "to take common action... for very large and very radical changes" should include not only the world's richest nations but also such major emerging economies as China and India.

At the EU summit, Sarkozy said emerging economies such as China and India outside the G-8 should also participate because "no one should feel excluded from what we are recasting".

"The summit was dominated by the current global financial crisis. Sarkozy said the meeting to forge common action to prevent another economic meltdown should be held in New York "where everything started" and lead toward "a new capitalism."

Sarkozy said all European Union nations now backed radical restructuring of international institutions like the International Monetary Fund(IMF) and World Bank.

EU leaders all "agreed that we don't want the same causes to produce the same effects in future."

Brown said the planned summit meeting would require vision similar to the creation of the U.N. and the Bretton Woods conference that laid out an international financial and monetary system in the 1940s.

European Commission President Jose Manuel Barroso told the EU summit it was "essential" for the EU, the US and other countries to work "hand in hand."

"Europe is indispensable for a global response but a European response alone is not enough," Barroso said.(ANI with inputs)

Related Latest

CO2 emissions caused by humans rise 2 percent despite global financial crisis Sensex crosses 17,000 mark after financial crisis Manmohan Singh says India to grow at 6.3 percent despite financial crisis Obama gets partisan while taking on GOP on financial crisis Global financial crisis hits outsourcing of mass to India Meet the girl whose 'rear view' captivated Obama at G-8 The truth behind Obama's 'rear view' G-8 pic revealed Manmohan Singh meets Brown on G-8 sidelines Financial crisis could send suicide and homicide rates soaring: Lancet Manmohan Singh arrives in Italy for G-8 summit

Related Latest

Winters leave Ladakh out of bound, make stocking of food material a must Eco-friendly vehicles rally held in Delhi People worship Highway Goddess for safe journey in Chennai Lucknow Zoo authorities treating tiger for cancer Hussey ready to cop criticism, but will let bat do the talking PAC supports idea of making Pak Army's financial records public Pak heading towards 'demographic disaster', warn experts MP Congress President loses cool, punches party worker Hauritz now Australia's No.1 spinner: Warne Spinner's pitch at Gabba won't assist Bollinger

• Winters leave Ladakh out of bound, make stocking of food material a must
• People worship Highway Goddess for safe journey in Chennai
• Lucknow Zoo authorities treating tiger for cancer
• Eco-friendly vehicles rally held in Delhi
• Punish Raj Thackeray for humiliating lingua franca: VHP

• भारतीय क्रिकेट की मजबूत दीवार
• कंगारूओं के आगे ढेर, चीतों से कैसे मुकाबला करेंगें शेर
• Reducing greenhouse gases may not be enough to slow global warming
• बीकानेर महापौर चुनावः एक विश्लेषण
• Deepawali: The Festival Of Lights